--- title: Syz The Moment description: Syz The Moment --- [![Syz Private banking](https://blog.syzgroup.com/hs-fs/hubfs/Logo.png?width=140&name=Logo.png "Syz Private banking")](https://www.syzgroup.com/fr) ## **Thinking** out loud [Subscribe](https://25733253.hs-sites-eu1.com/newsletter-signup?hsLang=en) [![Contact Us](https://hubspot-no-cache-eu1-prod.s3.amazonaws.com/cta/default/25733253/3d762f49-4e71-4f99-97b1-bf6781ef3da2.png)](https://hubspot-cta-redirect-eu1-prod.s3.amazonaws.com/cta/redirect/25733253/3d762f49-4e71-4f99-97b1-bf6781ef3da2) - [OUR SERVICES](https://www.syzgroup.com/en/private-banking) - [ABOUT SYZ](https://www.syzgroup.com/en/about/welcome-to-syz) - [CAREERS](https://www.syzgroup.com/en/careers) - [PRESS](https://www.syzgroup.com/en/news) - [Blog Homepage](https://blog.syzgroup.com) - [Slow Food for Thought](https://blog.syzgroup.com/slow-food-for-thought) - [Focus](https://blog.syzgroup.com/slow-food-for-thoughts/tag/focus) - [Asset allocations Insights](https://blog.syzgroup.com/slow-food-for-thoughts/tag/asset-allocation-insights) - [Market Outlook](https://blog.syzgroup.com/slow-food-for-thoughts/tag/market-outlook) - [Swiss Perspectives](https://blog.syzgroup.com/slow-food-for-thoughts/tag/swiss-perspectives) - [Syz the moment](https://blog.syzgroup.com/syz-the-moment) - [Crypto corner](https://blog.syzgroup.com/crypto-corner) - [Syz AI Insights](https://blog.syzgroup.com/syz-ai-insights) - [Fast Food for Thought](https://blog.syzgroup.com/fast-food-for-thought) - [The week in seven charts](https://blog.syzgroup.com/fast-food-for-thoughts/tag/the-week-in-seven-charts) - [Flash](https://blog.syzgroup.com/fast-food-for-thoughts/tag/flash) - [Fixed Income Weekly](https://blog.syzgroup.com/fast-food-for-thought/tag/weekly-fixed-income) - [Equity Weekly](https://blog.syzgroup.com/fast-food-for-thought/tag/weekly-equities) - [Global markets outlook](https://blog.syzgroup.com/fast-food-for-thoughts/tag/global-markets-outlook) - [CONTACT](https://www.syzgroup.com/en/contact-us/form) - [ENGLISH](https://www.syzgroup.com/) - [FRANÇAIS](https://www.syzgroup.com/fr) - [Slow Food for Thought](https://blog.syzgroup.com/slow-food-for-thought) - [Focus](https://blog.syzgroup.com/slow-food-for-thoughts/tag/focus) - [Asset allocations Insights](https://blog.syzgroup.com/slow-food-for-thoughts/tag/asset-allocation-insights) - [Market Outlook](https://blog.syzgroup.com/slow-food-for-thoughts/tag/market-outlook) - [Swiss Perspectives](https://blog.syzgroup.com/slow-food-for-thoughts/tag/swiss-perspectives) - [Fast Food for Thought](https://blog.syzgroup.com/fast-food-for-thought) - [Flash](https://blog.syzgroup.com/fast-food-for-thoughts/tag/flash) - [Weekly Fixed Income](https://blog.syzgroup.com/fast-food-for-thought/tag/weekly-fixed-income) - [The week in seven charts](https://blog.syzgroup.com/slow-food-for-thoughts/tag/the-week-in-seven-charts) - [Global markets outlook](https://blog.syzgroup.com/fast-food-for-thoughts/tag/global-markets-outlook) - [Weekly Equities](https://blog.syzgroup.com/fast-food-for-thought/tag/weekly-equities) - [Syz the moment](https://blog.syzgroup.com/syz-the-moment) - [Crypto corner](https://blog.syzgroup.com/crypto-corner) - [Syz AI Insights](https://blog.syzgroup.com/syz-ai-insights) - [Our Services](https://www.syzgroup.com/en/private-banking) - [About Syz](https://www.syzgroup.com/en/about/welcome-to-syz) - [Careers](https://www.syzgroup.com/en/careers) - [Press](https://www.syzgroup.com/en/news) - [Contact](https://www.syzgroup.com/en/contact-us/form) - [English](https://www.syzgroup.com/) - [Français](https://www.syzgroup.com/fr) ## **Sign-up** for our newsletter This website uses cookies to enhance user navigation and to collect statistical data. 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Bank Syz Ltd. accepts no liability for any loss arising from the use of this document. ## Straight from the Desk # **Syz** the moment Live feeds, charts, breaking stories, all day long. - [All](https://blog.syzgroup.com/syz-the-moment) - [equities](https://blog.syzgroup.com/syz-the-moment/tag/equities) - [United States](https://blog.syzgroup.com/syz-the-moment/tag/united-states) - [Macroeconomics](https://blog.syzgroup.com/syz-the-moment/tag/macroeconomics) - [Food for Thoughts](https://blog.syzgroup.com/syz-the-moment/tag/food-for-thoughts) - [markets](https://blog.syzgroup.com/syz-the-moment/tag/markets) - [Central banks](https://blog.syzgroup.com/syz-the-moment/tag/central-banks) - [bitcoin](https://blog.syzgroup.com/syz-the-moment/tag/bitcoin) - [Fixed Income](https://blog.syzgroup.com/syz-the-moment/tag/fixed-income) - [geopolitics](https://blog.syzgroup.com/syz-the-moment/tag/geopolitics) - [AI](https://blog.syzgroup.com/syz-the-moment/tag/ai) - [Asia](https://blog.syzgroup.com/syz-the-moment/tag/asia) - [gold](https://blog.syzgroup.com/syz-the-moment/tag/gold) - [europe](https://blog.syzgroup.com/syz-the-moment/tag/europe) - [Commodities](https://blog.syzgroup.com/syz-the-moment/tag/commodities) - [investing](https://blog.syzgroup.com/syz-the-moment/tag/investing) - [Technology](https://blog.syzgroup.com/syz-the-moment/tag/technology) - [Crypto](https://blog.syzgroup.com/syz-the-moment/tag/crypto) - [technical analysis](https://blog.syzgroup.com/syz-the-moment/tag/technical-analysis) - [nvidia](https://blog.syzgroup.com/syz-the-moment/tag/nvidia) - [oil](https://blog.syzgroup.com/syz-the-moment/tag/oil) - [china](https://blog.syzgroup.com/syz-the-moment/tag/china) - [ETF](https://blog.syzgroup.com/syz-the-moment/tag/etf) - [earnings](https://blog.syzgroup.com/syz-the-moment/tag/earnings) - [Forex](https://blog.syzgroup.com/syz-the-moment/tag/forex) - [energy](https://blog.syzgroup.com/syz-the-moment/tag/energy) - [banking](https://blog.syzgroup.com/syz-the-moment/tag/banking) - [magnificent-7](https://blog.syzgroup.com/syz-the-moment/tag/magnificent-7) - [Volatility](https://blog.syzgroup.com/syz-the-moment/tag/volatility) - [Alternatives](https://blog.syzgroup.com/syz-the-moment/tag/alternatives) - [Real Estate](https://blog.syzgroup.com/syz-the-moment/tag/real-estate) - [apple](https://blog.syzgroup.com/syz-the-moment/tag/apple) - [google](https://blog.syzgroup.com/syz-the-moment/tag/google) - [emerging-markets](https://blog.syzgroup.com/syz-the-moment/tag/emerging-markets) - [Middle East](https://blog.syzgroup.com/syz-the-moment/tag/middle-east) - [switzerland](https://blog.syzgroup.com/syz-the-moment/tag/switzerland) - [tesla](https://blog.syzgroup.com/syz-the-moment/tag/tesla) - [amazon](https://blog.syzgroup.com/syz-the-moment/tag/amazon) - [United Kingdom](https://blog.syzgroup.com/syz-the-moment/tag/united-kingdom) - [microsoft](https://blog.syzgroup.com/syz-the-moment/tag/microsoft) - [assetmanagement](https://blog.syzgroup.com/syz-the-moment/tag/assetmanagement) - [ethereum](https://blog.syzgroup.com/syz-the-moment/tag/ethereum) - [russia](https://blog.syzgroup.com/syz-the-moment/tag/russia) - [meta](https://blog.syzgroup.com/syz-the-moment/tag/meta) - [Healthcare](https://blog.syzgroup.com/syz-the-moment/tag/healthcare) - [Industrial-production](https://blog.syzgroup.com/syz-the-moment/tag/industrial-production) - [ESG](https://blog.syzgroup.com/syz-the-moment/tag/esg) - [Global Markets Outlook](https://blog.syzgroup.com/syz-the-moment/tag/global-markets-outlook) - [Turkey](https://blog.syzgroup.com/syz-the-moment/tag/turkey) - [bankruptcy](https://blog.syzgroup.com/syz-the-moment/tag/bankruptcy) - [inflation](https://blog.syzgroup.com/syz-the-moment/tag/inflation) - [brics](https://blog.syzgroup.com/syz-the-moment/tag/brics) - [Market Outlook](https://blog.syzgroup.com/syz-the-moment/tag/market-outlook) - [performance](https://blog.syzgroup.com/syz-the-moment/tag/performance) - [africa](https://blog.syzgroup.com/syz-the-moment/tag/africa) - [LLM](https://blog.syzgroup.com/syz-the-moment/tag/llm) - [Global](https://blog.syzgroup.com/syz-the-moment/tag/global) - [Market News](https://blog.syzgroup.com/syz-the-moment/tag/market-news) - [Weekly Equities](https://blog.syzgroup.com/syz-the-moment/tag/weekly-equities) Show more 24 Sep 2026 - - - #### The stock market loves Nvidia. The credit market is asking a harder question: who pays for the AI buildout? The credit market is asking a harder question: who pays for the AI buildout? The cost of insuring Nvidia’s debt against default has roughly doubled this year. SpaceX credit default swaps have approached 180 basis points. Both companies sold $25 billion of bonds in June, while hyperscalers are on track to spend more than $750 billion on data centers in 2026. Equity investors see growth, revenue and momentum. Credit investors are looking at the debt needed to fund it—and the returns required to repay it. Rising insurance costs do not mean a default is coming. But they do show that lenders are reassessing the risk. The stock price tells you how excited investors are about AI. Credit spreads tell you what financing that excitement costs. Watch both. $NVDA Source: Kurt S. Altrichter, CRPS [#equities|](https://blog.syzgroup.com/syz-the-moment/tag/equities) [#nvidia](https://blog.syzgroup.com/syz-the-moment/tag/nvidia) ![The stock market loves Nvidia. The credit market is asking a harder question: who pays for the AI buildout?](https://blog.syzgroup.com/hubfs/1790258946005.jpg) ![The stock market loves Nvidia. The credit market is asking a harder question: who pays for the AI buildout?](https://blog.syzgroup.com/hubfs/1790258946005.jpg) 24 Sep 2026 - - - #### When do equities start to care about rising bond yields??? The US 10-year yield has breached 5.1%, with a 16bp daily rise, the second-largest one-day move in two years. For equities, GS argues the rate of change matters more than the level. The moves that tend to get stocks’ attention are roughly 50bp over a month or 30bp over two weeks. We are close, but not there yet: the 10-year is up about 35bp over the past month and 25bp over two weeks. Still, as GS’s Ben Snider has highlighted, with the S&P trading around 19x forward earnings, higher yields are already working against valuations in the background. Source: GS, TME [#Fixed Income|](https://blog.syzgroup.com/syz-the-moment/tag/fixed-income) [#equities](https://blog.syzgroup.com/syz-the-moment/tag/equities) ![When do equities start to care about rising bond yields???](https://blog.syzgroup.com/hubfs/1790227106448.jpg) ![When do equities start to care about rising bond yields???](https://blog.syzgroup.com/hubfs/1790227106448.jpg) 24 Sep 2026 - - - #### If the US effectively removes the diesel exports from global markets, we will have a new low in global refining capacity available for energy markets Potentially VERY big deal, but I think it is a trial baloon from the administration. Source: Andreas Steno Larsen [#Macroeconomics|](https://blog.syzgroup.com/syz-the-moment/tag/macroeconomics) [#oil](https://blog.syzgroup.com/syz-the-moment/tag/oil) ![If the US effectively removes the diesel exports from global markets, we will have a new low in global refining capacity available for energy markets](https://blog.syzgroup.com/hubfs/1790228435426.jpg) ![If the US effectively removes the diesel exports from global markets, we will have a new low in global refining capacity available for energy markets](https://blog.syzgroup.com/hubfs/1790228435426.jpg) 24 Sep 2026 - - - #### Why European manufacturing is doomed in one chart Every European auto maker has lost market share in Europe. The only winners: Tesla (small) and China (absolutely ginormous gains) Source: zerohedge, GS [#Food for Thoughts|](https://blog.syzgroup.com/syz-the-moment/tag/food-for-thoughts) [#china](https://blog.syzgroup.com/syz-the-moment/tag/china) ![Why European manufacturing is doomed in one chart](https://blog.syzgroup.com/hubfs/1790227557857.jpg) ![Why European manufacturing is doomed in one chart](https://blog.syzgroup.com/hubfs/1790227557857.jpg) 24 Sep 2026 - - - #### As widely expected, the Swiss National Bank held rates at 0%. But the message has shifted. In June, the SNB warned more forcefully about franc appreciation and signalled an increased willingness to intervene. That exceptional language has now disappeared. Three things changed: → Inflation rose to 0.8% in August. The SNB has raised its forecast, though much of the pressure comes from energy prices and a weaker franc rather than persistent domestic inflation. → Growth surprised on the upside. The SNB now expects Swiss GDP to grow 1.5–2% in 2026, up from around 1%. Pharmaceuticals boosted the headline figure, and capacity utilisation remains below average. → The weaker franc is doing some of the easing. It supports growth while lifting import prices, reducing the case for another rate cut. Our take: A December hike looks premature. But if domestic price pressure builds, the first quarter of 2027 could bring the SNB’s next rate increase. The risk of negative rates has receded. The question now is how long zero lasts. [#Central banks|](https://blog.syzgroup.com/syz-the-moment/tag/central-banks) [#Macroeconomics](https://blog.syzgroup.com/syz-the-moment/tag/macroeconomics) ![As widely expected, the Swiss National Bank held rates at 0%. But the message has shifted.](https://blog.syzgroup.com/hubfs/1790242412401.jpg) ![As widely expected, the Swiss National Bank held rates at 0%. But the message has shifted.](https://blog.syzgroup.com/hubfs/1790242412401.jpg) 24 Sep 2026 - - - #### Investors now pricing in three rate hikes through mid 2027. While I like overnight index swaps if one looks at fed fund futures its pricing in three hikes through spring. Source: Bloomberg [#Food for Thoughts|](https://blog.syzgroup.com/syz-the-moment/tag/food-for-thoughts) [#Central banks](https://blog.syzgroup.com/syz-the-moment/tag/central-banks) ![Investors now pricing in three rate hikes through mid 2027.](https://blog.syzgroup.com/hubfs/1790196697035.jpg) ![Investors now pricing in three rate hikes through mid 2027.](https://blog.syzgroup.com/hubfs/1790196697035.jpg) 24 Sep 2026 - - - #### DXY keeps squeezing higher, catching many off guard. The index is breaking above the top of its broad range, while the longer-term moving averages are starting to turn up. The breakout puts 101.50 in focus. Source: TME, LSEG [#Forex|](https://blog.syzgroup.com/syz-the-moment/tag/forex) [#United States](https://blog.syzgroup.com/syz-the-moment/tag/united-states) ![DXY keeps squeezing higher, catching many off guard.](https://blog.syzgroup.com/hubfs/1790226948029.jpg) ![DXY keeps squeezing higher, catching many off guard.](https://blog.syzgroup.com/hubfs/1790226948029.jpg) 24 Sep 2026 - - - #### The extra yield France has to pay over Germany on 10-year debt is going vertical. Source: Bloomberg [#Fixed Income|](https://blog.syzgroup.com/syz-the-moment/tag/fixed-income) [#europe](https://blog.syzgroup.com/syz-the-moment/tag/europe) ![The extra yield France has to pay over Germany on 10-year debt is going vertical.](https://blog.syzgroup.com/hubfs/1790227332410.jpg) ![The extra yield France has to pay over Germany on 10-year debt is going vertical.](https://blog.syzgroup.com/hubfs/1790227332410.jpg) [1](https://blog.syzgroup.com/syz-the-moment/page/1) [2](https://blog.syzgroup.com/syz-the-moment/page/2) [3](https://blog.syzgroup.com/syz-the-moment/page/3) [4](https://blog.syzgroup.com/syz-the-moment/page/4) [5](https://blog.syzgroup.com/syz-the-moment/page/5) [❯](https://blog.syzgroup.com/syz-the-moment/page/2) [❯❯](https://blog.syzgroup.com/1225?hsLang=en) ## **Thinking** out loud Sign up for our weekly email highlighting the most popular posts. 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